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The Concise Encyclopedia of Economics
Arnold Kling reports:
...the new Concise Encyclopedia of Economics is dirt cheap. The hardback edition retails for $45 and runs over 600 pages, in an unusually large 8-1/2 by 11 size. Contributors include Bryan and myself, but most of the authors are actually respectable. In fact, many are quite renowned. Although it is structured as a reference work, it can be fun just to read. But I don't recommend taking it on your next plane trip.
The editor was David R. Henderson, who sometimes comments on this blog. He is also author of the excellent and much underrated The Joy of Freedom. Russ Roberts and I were on the editorial board and we are also contributors. The publisher is Liberty Fund. I haven't seen a copy yet of the final edition, but I believe this will be a very useful way for many people to learn economics. The Amazon link is here.
Posted by Tyler Cowen on January 21, 2008 at 08:01 PM in Books | Permalink
Comments
Any idea of how it compares to the _New Palgrave_ series (or even the "World of economics" volume in that series that tried to take the most important articles from the other volumes)? I have many of those volumes and have found them to be extremely useful though they are not a bit out of date in some cases.
Posted by: Matt at Jan 21, 2008 11:47:11 PM
I've never really read any portions of the CEE, but I have noticed the article on efficient capital markets:
http://www.econlib.org/library/Enc/EfficientCapitalMarkets.html
"...the stock market is likely to be less efficient than other securities markets (such as the bond market) because cash flows paid to stockholders are relatively uncertain, and there is no terminal payoff as in a bond. Therefore, stocks are relatively difficult to value, and evidence of stock market efficiency would be compelling evidence of efficiency in securities markets in general."
Would you agree with this? Seems like sloppy and flawed reasoning...
Posted by: Mehul at Jan 26, 2008 2:44:25 PM
Mehul,
Based on the quote you give, I agree with you. While stocks probably are indeed harder to value than bonds, what does this have to do with efficiency?
After all, efficiency does not imply that expected pay-offs are identical to actual pay-offs.It just means that the expected value of the error term equals zero because all availabe information has been priced in.
Posted by: STP at Jan 26, 2008 3:40:57 PM
Mehul,
Based on the quote you give, I agree with you. While stocks probably are indeed harder to value than bonds, what does this have to do with efficiency?
After all, efficiency does not imply that expected pay-offs are identical to actual pay-offs.It just means that the expected value of the error term equals zero because all availabe information has been priced in.
Posted by: STP at Jan 26, 2008 3:42:51 PM
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